Brokerages Set Symbotic Inc. (NASDAQ:SYM) Target Price at $54.00

Symbotic Inc. (NASDAQ:SYM) has received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $54.00.

A number of research firms have weighed in on SYM. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. KeyCorp lowered their price target on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research note on Tuesday, February 6th. Northland Securities raised their price objective on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group dropped their target price on Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th.

Insider Activity

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The disclosure for this sale can be found here. Insiders sold a total of 7,188,628 shares of company stock valued at $279,026,777 over the last three months. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new position in shares of Symbotic during the 2nd quarter worth approximately $534,000. UBS Group AG acquired a new position in Symbotic in the 3rd quarter valued at $224,000. BlackRock Inc. lifted its position in shares of Symbotic by 325.5% during the 3rd quarter. BlackRock Inc. now owns 170,213 shares of the company’s stock valued at $1,958,000 after acquiring an additional 130,213 shares during the period. Bank of New York Mellon Corp acquired a new position in Symbotic in the third quarter valued at about $181,000. Finally, Vanguard Group Inc. acquired a new stake in Symbotic during the third quarter worth about $1,523,000.

Symbotic Stock Down 0.9 %

Shares of NASDAQ:SYM opened at $39.73 on Monday. The firm has a market cap of $22.93 billion, a price-to-earnings ratio of -147.15 and a beta of 1.91. Symbotic has a 12 month low of $22.40 and a 12 month high of $64.14. The company’s fifty day simple moving average is $43.63 and its 200 day simple moving average is $44.00.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. Research analysts expect that Symbotic will post -0.02 earnings per share for the current fiscal year.

About Symbotic

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.